Yankees valued at $2.3 billion; M’s at $644 million

NEW YORK — Forbes estimated the New York Yankees have the highest value in Major League Baseball for the 16th straight year at $2.3 billion, and the average for an MLB team increased by 23 percent in the last year to $744 million.

The magazine said Wednesday the Yankees’ value increased from $1.85 billion last year.

The Los Angeles Dodgers are second in MLB at $1.62 billion — nearly $400 million below the price paid for the team last May when a group headed by Mark Walter, Stan Kasten and Magic Johnson bought the franchise from Frank McCourt.